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Can Your Customers Be Happier, or Do You Need to Improve?

Businesses today understand that happy customers are key to success. Positive experiences lead to loyalty and good reviews, while negative feedback can harm reputation, especially with social media.

Simply having good customer service isn’t enough anymore. Businesses need to provide exceptional experiences at every interaction. This means going beyond meeting needs during transactions to creating emotional connections that last.

Poor customer service can drive customers away, but excellent service builds loyalty and sets businesses apart. To achieve this, invest in employee training, gather feedback, and use technology for efficient support.

Customer experience goes beyond transactions, creating lasting emotional connections. Prioritizing memorable experiences boosts loyalty and satisfaction, ultimately improving business outcomes.

To enhance customer experience, respond promptly to inquiries, personalise interactions, and follow up after sales. Recognise and appreciate customer referrals, and ensure all employees understand the importance of delivering exceptional experiences.

Businesses should consider the following to enhance customer experience:

  1. Response times to website inquiries and quote requests, setting benchmarks and metrics for evaluation.
  2. Personalised engagement throughout the sales process, making customers feel valued and prioritised.
  3. Post-sale appreciation and follow-up measures to mitigate buyer’s remorse and sustain customer satisfaction.
  4. Ongoing efforts to maintain customer engagement and reinforce their importance beyond the initial transaction.
  5. Recognition and gratitude for customer referrals, fostering goodwill and incentivising advocacy.
  6. Ensuring that all employees are aligned with and understand the customer experience process, emphasising its significance and adherence.

In conclusion, investing in customer service and experience is crucial for business success. By prioritising these areas, businesses can build lasting relationships and foster brand advocacy. Ready to elevate your customer service? Let’s get started.

Looking for a Fulham accountant to help with your business plan? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Unlocking Success: The Significance of Budgeting, Forecasting, and Goal Setting in Business


For many business owners, navigating the intricacies of finance can feel daunting. Often, our passion lies in the products or services we offer, not in financial management. However, to ensure success, regularly setting budgets, crafting financial forecasts, and establishing goals are essential. Here’s a breakdown of why these practices are invaluable for businesses:

1. Budgeting, Forecasting, and Goal Setting as Essential Tools: These practices serve as indispensable tools for effective financial management. A budget serves as a roadmap, guiding spending decisions and helping achieve business objectives. Forecasting allows a glimpse into the future, aligning short-term financial decisions with long-term strategic goals. Goals provide direction, prioritizing financial objectives and plotting a path toward business advancement.

2. The Importance of Budgeting: Budgeting is akin to a financial blueprint, outlining how resources will be allocated. It facilitates cash flow control, ensuring expenses remain within bounds and alerting to potential shortfalls. By comprehending cash inflows and outflows, businesses can address immediate needs while planning for sustainable growth.

3. Harnessing Financial Forecasting: Forecasting empowers businesses to anticipate profit and loss trajectories, foreseeing cash flow, sales, and expenses. It enables proactive financial management, averting overspending or under-budgeting during fluctuating market conditions. Accurate projections are pivotal for securing funding and making informed business decisions.

4. Goal Setting for Strategic Vision: Goals provide a strategic vision, guiding resource allocation and operational decisions. Whether aiming to acquire new customers or expand the workforce, goals align financial planning with overarching business objectives. Additionally, clear goals foster team engagement and accountability, driving collective efforts toward success.

In Conclusion: Budgeting, forecasting, and goal setting are indispensable pillars of financial success for businesses. Understanding cash flow dynamics, anticipating future trends, and aligning financial priorities are paramount for sustainable growth. If you seek guidance in optimizing these financial practices, reach out to us today. Let’s chart a path toward your business’s financial resilience and prosperity.

Looking for a Fulham accountant to help with your business plan? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Optimal Financial Strategies for Small Businesses

Running a small business comes with a multitude of responsibilities, often leaving financial tasks neglected due to their complexity and time-consuming nature. However, implementing effective financial practices is crucial for business success. Here are some key strategies to manage your business finances effectively:

  1. Pay Yourself: While reinvesting earnings into your business is tempting, it’s vital to pay yourself regularly. Ensure you cover personal expenses and set aside funds for retirement.
  2. Maintain Separate Bank Accounts: Keep your business and personal finances distinct to facilitate accurate tracking of income and expenditures. This separation streamlines financial monitoring and simplifies tax reporting.
  3. Implement a Robust Billing Strategy: Monitor invoicing systems to track payment timelines and address late payments promptly. Consider implementing interest charges for overdue invoices or offering discounts for prompt payment to optimize cash flow.
  4. Digitise Receipt Management: Embrace digital platforms to manage receipts efficiently, eliminating the need for physical storage space. Adhere to legal requirements regarding document retention and ensure easy access to financial records when needed.
  5. Develop a Comprehensive Budget: Create a budget outlining anticipated income and expenses to guide financial decisions and anticipate fluctuations in cash flow. A well-defined budget enhances financial planning and provides clarity for stakeholders and potential investors.

While these practices serve as a foundation for financial stability, additional strategies such as automating bill payments, maintaining cash flow statements, and selecting the appropriate business structure further bolster financial management. By prioritizing these fundamental steps, you can lay a solid groundwork for financial success in your small business.

Ready to optimize your financial management? Reach out to us to explore how we can support your business’s financial health and growth.

Looking for a Fulham accountant to help with your business plan? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Unlocking Success: Mastering Your Phone Habits

Let’s delve into the world of your phone habits – a topic often brushed aside, yet crucial for your personal and professional growth. The manner in which you interact with your phone holds the power to shape your trajectory in life and business.

While it may seem exaggerated, the truth is undeniable. Our smartphones, those ubiquitous mini-computers, are constantly by our side, inundating us with notifications that can disrupt our flow of productivity.

Consider this: your mobile habits wield a profound influence over your ability to concentrate. The incessant barrage of notifications has the potential to shatter your mental focus, dragging you away from crucial tasks and derailing your productivity.

At the core of this issue lies the intricate relationship between humans and their phones, particularly concerning social media. These platforms, meticulously crafted to capture your attention, epitomize the attention economy, where your focus is the ultimate currency.

Yet, despite the challenges posed by modern technology, there are strategies to reclaim control over our attention and enhance efficiency manifold. Here are three actionable approaches to consider:

  1. Silence the Notifications: Take the first step towards reclaiming your focus by silencing unnecessary notifications. By doing so, you regain the power to dictate when you engage with your device, rather than being at the mercy of incessant alerts.
  2. Embrace Phone-Free Mornings: Forge a morning routine devoid of phone interactions to set a positive tone for the day ahead. Mindlessly scrolling through apps upon waking only serves to induce stress and dampen productivity. Opt for an old-fashioned alarm clock to kickstart your day sans digital distractions.
  3. Establish App Boundaries: Recognise and address excessive app usage by imposing limitations. Utilise digital wellness tools to monitor and curtail your daily screen time. For those struggling to adhere to self-imposed restrictions, consider implementing more stringent measures such as app blocking.

The key takeaway? Your approach to phone usage holds the power to significantly impact your productivity. By establishing prudent boundaries and cultivating mindfulness in your digital interactions, you create the mental space necessary for making informed decisions and fostering creativity.

So, here’s the challenge: Take control of your notifications, embrace phone-free mornings, and assert dominance over the apps vying for your attention. Your path to success begins with mastering your phone habits.

Looking for a Fulham accountant to help with your business plan? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Essential bookkeeping practices for start-ups

Starting a new business is exciting, but it also comes with its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It’s not just about keeping things tidy; it’s about understanding the financial health of your business and meeting all your tax obligations.

Don’t underestimate the basics

Some small businesses continue to rely on traditional systems, like pen, paper, and a trusty shoebox. Although it may seem outdated, this method can work well for businesses with very few transactions. These businesses might not have the latest payment technology, and could be invoicing customers or receiving immediate cash or cheque payments. In such cases, they would need to maintain a record of all receipts, past, present and future jobs, as well as a log of their customers and transactions.

Of course, if you’re serious about your business, you might want to consider using a more accurate system.

The power of spreadsheets

In the digital age, spreadsheets offer a simple and effective way for start-ups to keep track of their financial activities. When you’re just starting or operating a part-time business with a limited budget, a spreadsheet can be a cost-effective alternative. As your business grows and becomes more complex, you can transition to specific accounting software.

With a spreadsheet, you can set up a basic accounting system to track invoicing, perform calculations, and even set up a budget.

Embrace accounting software

For those more serious about their business, subscribing to accounting software might be the best option. Modern accounting software often links directly to your bank account, making it an efficient way to document all necessary transactions. It also reduces the risk of errors and offers features like generating professional invoices, tracking debts, and ensuring everything is entered accurately for your accountant at tax season.

If you opt for a cloud-based solution, you’ll enjoy real-time access to your accounts, increased data security, and the flexibility to access your financial data anytime, anywhere.

Stay on top of your cash flow

Regardless of the accounting system you choose, a good system will enable better decision-making based on real-time financial insights. Identifying cash flow trends can help drive your business growth by revealing your most profitable products and services, your biggest customers, your highest costs, and more. The ability to monitor these trends places you in a better position to improve your profits and spot potential areas of growth.

Wrapping up

As a start-up, your primary task is to evaluate your business needs and choose an accounting system that allows you to track your cash position accurately, keep precise records for tax purposes, and identify cash trends.

Consulting with your accountant can be an invaluable first step. They can offer advice on the best system to use and ensure it’s compatible with their processes. Remember, your financial records are the lifeblood of your business, and keeping them in perfect order is integral to your success.

Want to discuss what system will best suit your needs? Contact us now for advice.

Looking for a Fulham accountant for your business, or a tax advisor in London? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Understanding and improving working capital

When it comes to running a thriving business, understanding and effectively managing your working capital is crucial. Essentially, working capital is the cash readily available for the day-to-day running of operations. The more protracted the business cycle, the higher the working capital requirement tends to be. Your goal? To ensure you have enough working capital on hand to cover operational expenses, with a reasonable buffer in place.

How to improve your working capital

Feeling anxious about your working capital? No worries! To improve it, let’s start by figuring out how much working capital your business actually needs. By using cash flow forecasting, you can proactively calculate when you might run out of cash and determine the minimum capital required to avoid that situation.

Ways to reduce working capital needs

The key to reducing your working capital needs revolves around cutting down on expenses. Here are some strategies to consider.

  • Limit large personal withdrawals.
  • Avoid buying major assets out of daily operating profits. Remember, there are other financing options available, such as leases or loans.
  • Refrain from overtrading, which can lead to increased overhead costs and delay customer payments.
  • Assess your inventory costs. Think twice before placing bulk orders, even if it comes with a discount.
  • Simplify payment collection. Explore mobile and online options to make it easier for customers to settle their bills.

Shortening cash cycles

Another effective strategy is to shorten your cash cycles.

  • Collect money quickly and efficiently.
  • Negotiate better terms with suppliers. Paying your bills faster than your customers are paying you can lead to an unnecessary increase in working capital.

Forecast your cash flow and profit-and-loss

Accurate cash flow forecasts can provide valuable insights into your working capital, allowing you to take proactive steps for improvement. Profit-and-loss forecasts, on the other hand, help assess future profitability, enabling you to make informed decisions about your working capital needs.

Wrapping Up

The goal is to lessen working capital concerns by understanding what it is, how much you need, and ways to improve it. Once these processes are in place, managing your working capital will become second nature, allowing you to focus on growing your business and boosting profitability.

Remember, it’s always beneficial to consult with your accountant regarding your working capital needs and possible improvement strategies.

We’re here to help – get in touch now.

Looking for a Fulham accountant for your business, or a tax advisor in London? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

Budgeting and cash flow forecasting: key to your business success

In the unpredictable world of business, finding a little certainty can make all the difference. While the future remains a mystery, tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business.

Budget vs. Cash Flow: the crucial distinction

A common misconception is that a budget and cash flow are interchangeable. In reality, a budget is a projection of future possibilities, enabling you to consider various sales and expense scenarios. On the other hand, a cash flow provides a record of actual expenses and sales revenue that flow into and out of your business each month. Although they often deal with the same data, their applications differ. You might budget $1,000/month for online costs, whereas in the cash flow, you’d record the actual amount spent. Despite their distinct uses, cash flow and budgeting are often maintained on the same spreadsheet or similar accounting software for ease of use and comparison.

The advantages of budgeting and cash flow forecasting

The benefits of incorporating budgeting and cash flow forecasting in your business are numerous. They help predict and manage potential cash surpluses or shortages, plan for tax obligations, time new equipment purchases, determine when to buy in bulk, and even identify when you might need a small business loan or a line of credit.

One particularly useful feature is the ability to track expenses and highlight any unusual cost increases or decreases. This allows you to take prompt action to address the issue. Additionally, these tools can help monitor sales levels and flag any underperforming areas of your business.

Practical tips for effective budgeting

Preparing an annual budget requires sufficient time – allocate at least two or three months for this process. Update your budget each month based on the actual cash flow. Keep in mind that the sales forecast is often the hardest part to get right. If you’re new to business, examine separate forecasts for different products or geographical areas and note any seasonal patterns in your business and industry.

Sensitivity analysis: a proactive approach

A sensitivity analysis, often referred to as ‘what if’ scenarios, can help you understand how different outcomes affect business performance. This analysis allows you to review the effects of changes in your revenue or costs. For example, if one customer contributes thirty percent of your turnover, what would happen if they stopped buying from you?

The power of regular updates

Regularly comparing your actual expenditure against your budget enhances your ability to predict future costs accurately. It’s good practice to review and update your budget and cash flow forecasts at least once a month, or more frequently if your business environment is changing quickly.

Budgeting and cash flow forecasting are powerful management tools that can guide your business decisions. However, their value lies in their regular review and updating, ensuring their figures remain current and reflective of your business’s financial health.

Contact us now for help with budgeting and cash flow for your business.

Looking for a Fulham accountant for your business, or a tax advisor in London? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

5 Apps for Tracking Small Business Expenses

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.

Why not take the uncertainty and disorganization out of expense tracking by going mobile?

These five apps can be used anywhere, anytime, to ensure no penny goes unlogged or unclaimed.

1. Dext: eliminate data entry

With Dext, you can easily do away with expense-related data entry altogether. Simply snap a photo of your receipt and submit it for processing; the app automatically extracts all relevant data including vendor, total amount, payment method, and date.

Dext also integrates with Xero, QuickBooks, Sage 50, FreeAgent, and Kashflow accounting software to streamline your bookkeeping.

Dext must be doing something right because this app has earned high praise, including Xero’s 2015 ‘Add-on of the Year’ award (UK winner).

2. Avaza: 5-in-one functionality

Australian software company, Avaza, recently announced a brand new app that combines project management, collaboration, time tracking, expense, and invoice management.

Users can opt for a single feature, or select all five for streamlined, on the go business management.

Some features of this app include:

  • Daily and weekly timesheets;
  • Per-person and per-category billable rates;
  • Flexible tax configuration; and
  • Trackable expenses and attachable receipts.

3. iClaimIt: mileage tracking made simple

iClaimIt is a straightforward, simple to use tool designed to help UK-based “road warriors” log their miles more easily and accurately.

When travelling by car iClaimIt makes it a snap to record mileage with a click of a button and email your expense and mileage data as a CSV file.

As a bonus feature, this app also supports a simple receipt-capturing feature. Just attach a photo of each receipt to the corresponding expense to organize your fuel receipts and other travel expenses.

4. Expensify: your “virtual accountant”

Expensify makes it easy to capture receipts, record business-related mileage, log billable hours, and more. Stand-out features of this app include:

  • SmartScan technology that “reads” your receipt and creates an expense automatically;
  • GPS mileage tracking to automatically calculate distance traveled for work;
  • Bank and credit card import (the app can automatically pull all your business transactions into your Expensify account).

Budget-conscious business owners take note: Expensify’s SmartScan feature allows 10 free scans per month.

5. Shoeboxed: the “ultimate receipt-manager”

Like Receipt Bank, Shoeboxed allows you to snap a picture of your receipt, and then the app extracts vital information for you. This tool also allows you to create an expense report on your phone in a matter of seconds, using your stored images.

Another great feature is a searchable, categorized archive of logged receipts, which facilitates expense-exporting into QuickBooks, Wave Accounting, Excel, Outright, and Xero.

With mobile apps like these, you’ll never lose track of a receipt or claimable expense ever again. Here’s to building your business with smart technology that moves as quickly as you do!

Looking for a Fulham accountant for your business, or a tax advisor in London? Get in touch – we’d love to help.

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants

4 Benefits to Hiring a Bookkeeper for your business

4 Benefits to Hiring a Bookkeeper for your business! 

I mean…we may be bias, but bookkeepers can be highly beneficial for businesses of any size. We offer expertise and insight into areas that you may not have experience in. We also take some tasks off your to-do list, freeing up your time and energy to focus on other matters – running your business!

Here are 4 benefits to hiring bookkeepers to help you manage your business.

Expertise:

A bookkeeper is an expert at managing, sorting and recording your business’s financial transactions. We’ve spent time developing our skills and experience. During that time, we’ve also seen and resolved bookkeeping-related issues that you may come up against. Our expertise makes us more efficient at managing those issues.

Beyond that, we understand business trends and challenges others in your industry face, and can help you move through those as well. We also know what questions to ask to help you make important decisions and can share best practices with you.

Guidance:

Your bookkeeper not only helps you maintain accurate records, they understand your financial circumstances. They help you assess how to make important business decisions, such as whether now is a good time to grow or when you should hold back. They can also identify trends in your industry and help you take advantage of those opportunities.

Finally, they can assist you with budgeting, and sticking to your budget. They’ll help you come up with a realistic financial plan that enables your business to grow while achieving short- and long-term goals.

Time savings:

As a business owner, you likely have many activities to focus on. In bookkeeping alone there are numerous tasks to be responsible for, such as:

  • Collecting and recording transaction data
  • Sorting receipts
  • Classifying expenses
  • Invoicing customers
  • Paying vendors
  • Managing payroll.

Bookkeepers take on those tasks so you don’t have to. It’s not just about the energy you put into them, it’s about the fact that unless you’re an expert at bookkeeping, it’ll likely take you longer to complete these activities than it would take a bookkeeper.

Think of the time you spend during an average week managing your books, then think of the time you spend during a high-pressure week, such as during tax season. That can add up to a lot of extra hours.

By hiring a bookkeeper, you save yourself that valuable time for other activities such as marketing, perfecting your products or even spending time with family.

Money savings:

There’s a time cost to doing your own books, but there’s also a potential money cost in the form of missed opportunities. The time you spend doing your own books is time you could potentially be out creating or taking advantage of new opportunities for your business.

Your bookkeeper frees you up so you have the time and energy to identify potential opportunities. They can also advise you on whether you’re in a fiscal position to jump on those possibilities.

Additionally, the expertise bookkeepers bring to their activities means they’re likely to save you from costly mistakes that could affect your finances.

Final Thoughts

Hiring a bookkeeper is a sound business decision as it gives you access to expertise and guidance you might not otherwise have, and it frees up your time and money to take advantage of other business opportunities.

If you are looking for Fulham accountants or a tax advisor in London, get in touch!

e: office@londonaccountants.co   t: 0203 137 9791

Kind Regards,
The Team at London Accountants